Question

3. Dream Loan Bank offers loans. Carrie borrows $10.500 to help

start a business. The loan must be repaid at 4.5% simple interest
over 10 years. How much money will Carrie have to pay back?​

Answer 1

Answer: $15, 225

Explanation:

PRT

10500 × 4.5% × 10

= 10,500 x 0.045 x 10

I = $4, 725

Total amount to be repaid will be interest + principal

= 4,725 + 10,500

= $ 15, 225